GlobalData estimates sales of total knee replacement implants to be approximately $6.53B across all 39 countries in 2016. This market will grow at a CAGR of 3.1% over the forecast period, reaching sales of $8.10B by 2023. Knee reconstruction is a fully mature market that has experienced no major innovation over the last decade other than incremental improvements. As health executives are scrutinizing purchases and using multiple channels to procure orthopedic devices at highly competitive prices, profit margins have been negatively affected; thus, revenue growth is dwindling in the global large joint reconstruction space.

As the economy grows, the volume of knee replacement procedures is expected to increase further, primarily due to the demographics of an aging population, a trend towards early surgical intervention in younger patients, and further improvements in insurance coverage in emerging countries. In the years to come, launching and marketing a comprehensive large joint portfolio with a clear value proposition will remain critical to companies success as they jockey for market position. Meanwhile, a long-term foothold within the global knee market hinges on how well companies can align themselves with the primary market force buffeting healthcare today: the need to deliver top-notch, cost-effective care. Given the heightened competitive pressures and shrinking reimbursement, the average selling price for TKR implants is expected to decline in all of the geographies covered in this report. However, GlobalData believes that revenue from increased procedure volume will make up for this loss.

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